ITC LTD

Operates a diversified portfolio spanning cigarettes, packaged FMCG goods, paperboards and packaging, and agri commodities. The cigarette business is the largest revenue contributor at Rs 40,601 cr in FY26, accounting for 40.8% of segment revenue. The FMCG-Others segment covers packaged foods, personal care, stationery and lifestyle retailing. The agri business handles leaf tobacco, wheat, rice, spices and other farm inputs and outputs, while Paperboards, Paper & Packaging brought in Rs 8,768.58 cr. The company recently completed the acquisition of Century Pulp and Paper, expected to lift paper capacity by 50%, and has lined up Rs 20,000 cr of planned capex with 6 projects in the pipeline. Materials are the largest cost input at 29.2% of revenue, followed by other operating expenses at 25.9% and employees at 7.5%. A sharp cigarette tax hike from February 2026 raised GST to 40% of retail price, and excise duty in Q1 FY27 rose over 7x to Rs 10,036 cr after GST Compensation Cess expiry, compressing that quarter's cigarette EBIT by 35%.